| Read our frequently asked questions for quick answers to your queries |
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| 1. |
What is NRG and what does it stand for? |
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NRG Stands for NSEL Recovery Group. NRG is an initiative by NSEL
intended to assist expeditious recovery of money from the defaulters on
NSEL. |
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NRG has been setup to unite all interest groups, to emphasize its
collective attention and resources, on recovery through peaceful and
legal means. NSEL Member Brokers and their Trading Clients can join the
NRG and it will not be a constraint to their right to be associated with
any other forum/s or to pursue legal course of action.
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| 2 |
What is the Role of NRG? |
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NSEL is committed to expedite recovery from the 22 defaulters. Role of
NRG will include the following:
To oversee the recovery efforts being made by NSEL |
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- To suggest additional measures for expediting recovery
- To ensure transparent dissemination of most authenticated
information related to NSEL recovery
- To help and assist the investigation agencies and judicial forum
for expeditious recovery of the money
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| 3. |
What was the purpose to form NRG? |
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NRG has been setup to unite all interest groups, to emphasize its
collective attention and resources, on recovery through peaceful and
legal means. |
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| 4. |
How does NRG work? What are the processes/methods NRG follows for
recovery? |
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Apart from being a bulletin board to disseminate information to all
stake holders in the recovery process, NRG is here to help and assist
the investigation agencies and judicial forums for recovery of money
expeditiously; particularly the High Court Committee, set up by the
Hon’ble Bombay High Court, in fast forwarding their logical conclusions.
They are also the constituents of NRG’s method to stimulate recovery
process. |
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| 5. |
Who can join NRG? |
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NSEL Members and/or their Trading Clients can join NRG. |
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| 6. |
What are the roles one can play, joining NRG? |
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One can join NRG as “Member of the Advisory Board” or as “Volunteer” |
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| 7. |
How do I enroll at NRG as member? |
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You can enroll at NRG by filling NRG Registration Form or by mailing
your Broker Code and Client Code (with broker) and the Amount Due, at
nrg@nselrecoverygroup.com. |
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| 8. |
What are the broad activities expected from NRG Advisor? |
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The Advisor will strengthen the recovery team in reaching out to
competent authorities; enabling officials in overseeing investigating
agencies, and entrench substantial support for expediting recovery |
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- He/she who is resourceful in encompassing and presenting
NRG’s objectives in a variety of public, political and governing
settings, and accomplish the process with necessary judgment and
rationality, will be a strong suit. All-round access to all the
prominent avenues will be a predominant and distinguishing feature
of this role
- One who undertakes responsibilities and leverages sources to
gather information from defaulters; exercise influentially when
required and enable governing officials to administrate
investigating agencies for fast-paced recovery, will be a perfect
fit
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| 9. |
What are the broad activities expected from NRG Volunteer? |
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The person acting exclusively as volunteer of NRG will make the
process comprehensive working as a frontrunner, gathering first-hand
information that will leave no leeway for the defaulters to play truant
or evade legal process, enforcement, summons and admonishments from the
law enforcing authorities and judiciary, as the information provided by
them will serve as panacea to implicate the defaulters in the process of
recovery
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- NRG Volunteer will play a crucial role in coordinating
with bankers, assisting in complying with HCC directions, meeting
all key competitors of defaulters, accompanying asset tracing
agencies, assisting in title search, supporting external agencies
and meeting legal counsels and a lot more
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| 10. |
Have assets and properties of the defaulting members been
attached or seized? |
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- EOW has reportedly seized assets of 22 Defaulters worth around
Rs. 5,000 crore
- Defaulters have admitted to liabilities of approximately
Rs. 2,000 crore through settlement agreements or otherwise before
the Bombay High Court, and Authorities & concerned Departments/
forums and/or the EOW
- Out of the original 24 Defaulters, 2 defaulters owing a
total of Rs. 196 crore have almost cleared their dues
- ED has attached multiple assets of Defaulters worth over
Rs. 200 crore under PMLA. This Act is expected be amended so that
the proceeds of liquidation are paid directly to the trading clients
instead of going to the Public Exchequer
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| 11. |
How much money has been recovered? |
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NSEL has recovered and paid Rs. 542.99 crore to trading clients,
including a without-prejudice loan worth Rs. 179 crore taken from FTIL
to clear up to 50% settlement liability of 7,000 trading clients. |
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| 12. |
What is the latest Recovery Status? |
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- NSEL has received payment through RTGS of Rs. 4 crore from
Yathuri Associates on Jan. 01, 2015
- NSEL Recovery team is following up with SAIL for selling
of Ferrochrome. SAIL has given proposal for Ferrochrome
- HC Committee’s next meeting has been scheduled for 9th May, 2015, to review recovery of funds from defaulting members
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